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Non-advised annuities review

Financial Conduct Authority's thematic review of non-advised annuities

At the Financial Conduct Authority’s (FCA's) request last year, we carried out a review of our annuity sales process for groups of our non-advised customers.  The outcome of that review showed that we did not always explain well enough that some of our customers may have been eligible for an enhanced annuity, and some customers may have lost out as a result. We are therefore conducting a past business review of in-scope annuity sales in the period 1st July 2008 to 31st May 2016.

We are continuing to work with the FCA on how the annuity review will operate to ensure our customers get the right outcome. We have identified the population of our customers who may be entitled to redress and have determined the consistent approach we will take around the levels of compensation they may be due. Following an initial pilot exercise, we will be in a position to start the customer communication in the second quarter of 2018. The review process will run across 2018 and 2019.